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Measuring the Values for Time

Author

Listed:
  • Raymond B. Palmquist
  • Daniel J. Phaneuf
  • V. Kerry Smith

Abstract

Most economic models for time allocation ignore constraints on what people can actually do with their time. Economists recently have emphasized the importance of considering prior consumption commitments that constrain behavior. This research develops a new model for time valuation that uses time commitments to distinguish consumers' choice margins and the different values of time these imply. The model is estimated using a new survey that elicits revealed and stated preference data on household time allocation. The empirical results support the framework and find an increasing marginal opportunity cost of time as longer time blocks are used.

Suggested Citation

  • Raymond B. Palmquist & Daniel J. Phaneuf & V. Kerry Smith, 2007. "Measuring the Values for Time," NBER Working Papers 13594, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:13594
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    File URL: http://www.nber.org/papers/w13594.pdf
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    References listed on IDEAS

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    1. Colin Camerer & Linda Babcock & George Loewenstein & Richard Thaler, 1997. "Labor Supply of New York City Cabdrivers: One Day at a Time," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 407-441.
    2. Raj Chetty & Adam Szeidl, 2007. "Consumption Commitments and Risk Preferences," The Quarterly Journal of Economics, Oxford University Press, vol. 122(2), pages 831-877.
    3. Marie Connolly, 2008. "Here Comes the Rain Again: Weather and the Intertemporal Substitution of Leisure," Journal of Labor Economics, University of Chicago Press, vol. 26, pages 73-100.
    4. Feather, Peter M & Shaw, W Douglas, 2000. "The Demand for Leisure Time in the Presence of Constrained Work Hours," Economic Inquiry, Western Economic Association International, vol. 38(4), pages 651-661, October.
    5. Harley Frazis & Jay Stewart, 2007. "Where Does the Time Go? Concepts and Measurement in the American Time Use Survey," NBER Chapters,in: Hard-to-Measure Goods and Services: Essays in Honor of Zvi Griliches, pages 73-97 National Bureau of Economic Research, Inc.
    6. Hélène Couprie, 2007. "Time allocation within the Family: Welfare implications of life in a couple," Economic Journal, Royal Economic Society, vol. 117(516), pages 287-305, January.
    7. DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-846, December.
    8. Heckman, James J, 1974. "Shadow Prices, Market Wages, and Labor Supply," Econometrica, Econometric Society, vol. 42(4), pages 679-694, July.
    9. Henry S. Farber, 2005. "Is Tomorrow Another Day? The Labor Supply of New York City Cabdrivers," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 46-82, February.
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    Cited by:

    1. Burger, John D. & Walters, Stephen J.K., 2012. "Is America’s National Pastime too time consuming?," Economics Letters, Elsevier, vol. 115(2), pages 204-206.

    More about this item

    JEL classification:

    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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